BEIJING, Dec 12 (Reuters) - Shanghai copper prices rose to a record high on Friday and were on track for a third consecutive weekly gain, bolstered by top consumer China's promise of fiscal boost next year and the U.S. Federal Reserve's interest rate cut and balance sheet expansion.
The most-traded copper contract on the Shanghai Futures Exchange SCFcv1 added 1.34% to 93,570 yuan ($13,261.43) per metric ton by 0204 GMT. Earlier in the day, it touched an all-time peak of 94,080 yuan, surpassing the previous record hit on Monday.
Benchmark three-month copper CMCU3 on the London Metal Exchange was down 0.33% at $11,832.5 a ton. It had hit a record high of $11,906 on Thursday.
The SHFE and LME benchmarks have so far this week gained 0.9% and 1.4%, respectively.
Boosting sentiment was a readout by state news agency Xinhua of the annual Central Economic Work Conference held on December 10-11 that showed pledges by Chinese leaders to maintain a "proactive" fiscal policy in 2026.
Market sentiment also got a boost after the Fed trimmed rates by 25 basis points on Wednesday and said it would begin buying short-dated government bonds on Friday. The restart of bond buying will once again expand the Fed's balance sheet.
The record-breaking run of doctor copper used in power, construction and manufacturing comes as mine supply disruptions and massive outflows of copper to the United States have fanned concerns over shortage ex-U.S.
ANZ Research expects copper prices to remain above $11,000 per ton in 2026, with prices potentially nearing $12,000 by year-end amid supply constraints and accelerating demand growth.
SHFE tin SSNcv1 hit a 43-month high at 332,820 yuan a ton, supported by fears of supply disruptions.
SHFE aluminium SAFcv1 advanced 0.55%, zinc SZNcv1 climbed 2.22%, while nickel SNIcv1 nudged down 0.03% and lead SPBcv1 dipped 0.29%.
Among other LME metals, aluminium CMAL3 edged down 0.07%, nickel CMNI3 was little changed, lead CMPB3 shed 0.2%, tin CMSN3 gained 0.14% and zinc CMZN3 lost 0.37%.
($1 = 7.0558 Chinese yuan)
(Reporting by Amy Lv and Lewis Jackson; Editing by Subhranshu Sahu)
((Amy.Lv@thomsonreuters.com;))